Most efficient way to apply textures to a model (Game Dev)
Those two workflows you describe are not alternatives to the same end.

Baking is generally used to achieve effects that are either too complex, too expensive or unnecessary to be calculated in real time.
However, downside is after baking they become static, that means they no longer vary or react to user input.

You can't really bake a 'Master Texture' of all that, if you do you will be losing information. If you bake the specularity, bump and reflections they will become static, as if painted onto the object and will no longer react to in-game light changes or different user view angle.

Baking is more often used in an earlier stage of game creation, when transforming a high resolution model into a low poly version ready for consumption that the game engine can deal with in real time.

In your case without further info, I'd say you should use all those textures directly in game, which seems like what they were created for in the first place.